Nine facts about the racial wealth gap The urgency of ending the racial wealth gap

“The career choices open to Black men?”Independent economics researcher Chris Lee seems bemused by the question.“Well, there’s a famous book by William Julius Wilson about when work ‘disappears,’” Lee finally replies.“Work for high school graduates, that pays well, has disappeared, especially for men and more so for Black men who are high school level graduates –– and now it’s happening to some who are in college too.”Indeed, a 2020 analysis from the U.S. Bureau of Labor Statistics found that Black men have the lowest employment numbers among all ethnic groups. In addition, when Black women are employed, they earn 63 percent less than what a White man would be paid for the same job, according to the analysis.This unequal access to jobs and reduced earning power presents Black households with fewer opportunities to build wealth through home ownership and the acquisition of stocks.Those dual pillars of financial well-being are “the largest assets driving wealth creation,” according to a recent analysis of how homeownership and stocks contribute to the wealth gap in America, which draws on data from the Federal Reserve Board’s 2019 Survey of Consumer Finances.On average, the study finds, white households added $34,400 to their median real wealth between...